Former Goldin Financial Chairman Pan Sutong has been petitioned by several companies to order him to go bankrupt.
Poon alleges that one of the companies, Xinhua Finance Co., Ltd., abused the process to apply for the petition to be struck out.
The judge issued a resignation earlier and refused to drop the case, but revealed that Xinhua Finance had applied to withdraw the petition.
When the case was dealt with in the High Court today (30th), the judge approved the dismissal of the petition, and Pan Sutong agreed to pay Xinhua Finance 300,000 yuan in related costs.
The petitioner, Xinhua Finance, revealed in court today that it had reached a consensus with Pan Sutong to withdraw the petition.
In addition, Pan was also petitioned for bankruptcy by China CITIC Bank and Bank of China Shenzhen Branch.
Citic's case was opened this month and has yet to be decided.
The Bank of China's case is scheduled to be heard on August 2 this year.
Case number: HCB 6830/2021
Former Goldin Financial Chairman Pan Sutong filed for bankruptcy Xinhua Finance has withdrawn the petition Goldin Financial: Chairman and Executive Director Pan Sutong has resigned
